Foreign Currency Accounts (FCAs) make it easier to expand your business outside the U.S. By establishing a separate account in the U.S. for each currency you use, you can optimize foreign cash flows and respond more effectively to changing market conditions.
FCAs enable you to:
- Conduct transactions in most major currencies.
- Consolidate and manage foreign receivables and payments more effectively.
- Send and receive wires and receive and deposit foreign checks without immediate currency conversion to U.S. dollars.
- Avoid language issues and investing extra time dealing with representatives in international banks.
- View balances and activities for all currency accounts online.
- View current exchange rates to enable transaction execution when rates are favorable, minimizing potential losses due to mistimed conversions to U.S. dollars.
- Integrate foreign currency accounts with our online CBForex® currency trading platform.
- Avoid the administrative burden of having to file a Report of Foreign Bank and Financial Accounts, since FCAs are domiciled in the U.S.
Our Foreign Exchange Specialists can provide full account setup, training and support and provide a wide range of currency-related services that can help you make the most of international opportunities.